Ethernity Chain (ERN-USD) might not be a household name yet, but the network is looking to change that. The ERN crypto became hot today with news that Ethernity is launching a new subsidiary. This new project will help the network take on several white-hot blockchain niches like the metaverse and play-to-earn gaming.
Ethernity Chain is a blockchain platform launched in March 2021. The project primarily aims to serve investors interested in the non-fungible token (NFT) market. It does this by offering what it calls “aNFTs.” The project website defines these as tokens which are authenticated and licensed.
Indeed, the platform’s aNFTs pool from a variety of partner brands who provide the licensed content that becomes tokenized. These partner brands are most often athletes and entertainers, like NFL stars Dak Prescott and Ezekiel Elliott. However, the platform also has partnerships with other entities, like the Associated Press news agency.
ERN Crypto Rises as News of $20 Million Fundraise, Metaverse Studio Launch Surfaces
Ethernity has been able to carve a name for itself in a relatively short amount of time. This is due in no small part to the explosion of NFTs in popularity as well as the platform’s swathes of licensed content. Today, however, the ERN crypto is on the rise thanks to even more news: the project is expanding.
A press release from the project this morning details its recently closed fundraise. As a result of the fundraise, Ethernity Chain has $20 million in new working capital, thanks to investments from the likes of Riot Games exec Thomas Vu and ex-Alphabet (NASDAQ:GOOG) CEO Eric Schmidt.
The announcement of this fundraise wasn’t the sole piece of good news for Ethernity, either. The network is also announcing the launch of Ethernal Lab, as well as several other subsidiaries like EyeCandy and Fanable. Ethernal Labs is a longstanding part of the Ethernity Chain roadmap, so the recent launch checks a big box.
Ethernal Labs will be the venue through which Ethernity develops new products specifically for the metaverse. Apparently, it will also see the launch of play-to-earn gaming products for the blockchain. Unfortunately, the project’s website is sparse on details, however. Investors will have to wait for more information.
Before any of these projects are described in more detail, though, the network has yet another platform on the way via EyeCandy. Coming in the second quarter of 2022, this platform will also be NFT-centric, although it will prioritize artist-minted, one-of-one artworks.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.